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s.. d,. n.On-,GAC_.c NJ. — 0.S.GEi'AR,sI:n7OF IIOUSlf3 AND ei,G;,1. L„ - <br />FEDERAL HOUSING ASWNISUATi6;, <br />CONDITIONAL COMA11T7h ENT <br />FOR MORTGAGE INSURANCE UNDER <br />THE NATIONAL HOUSING ACT <br />E] SEC. 203(b) ❑ SEC,, <br />PROF ., ADDRESS <br />3507 N 17s . G7-7�9 � Fi2/✓C D,9 <br />I <br />CLOSIiiG COSTS ESTIMATE I <br />Fire Ins..... $ <br />VALUE OF PF.O aERTY $ `/ '-� - Taxes ..... $ <br />Closing Costs...... J .is-' 1 <br />TOTAL (Fora.ungagc $ r ;..0 Main. d Repairs <br />$� <br />Dsurnncc Fvrp�nsrs)r S7° Hoo13 UtillOes $ <br />P " COMMITTEDD FOR INSURANCE COMMITMENT <br />Issued, <br />Expirua - Irr <br />E2 EXISTING L-D PROPOSED <br />COMMITMENT _...._ .... _. NO.'MOS._ MAX. INTE?EST So (See Gen. Cond..".3) <br />m proved <br />LNinn Area Ai 7'Y So. Ft.l <br />INFORMATION <br />The estimates of fire Insurance, taxes, maintenance/repairs, heat/utilities and ensing costs are furnished for mortgagee's and mortgagor's <br />Information. They may be used to prepare FHA Form 2900, ApplImIlon for Credit Approval, when a firm commitment Is desired. <br />GENERAL COMMITMENT CONDITIONS <br />1. MAXIMU\IMORTGAGEAMOUNT AND TERMS- <br />(a)OCCUPANT MORTGAGORSrTho mortgage amount and term <br />set forth In the heading are the maximum approved for this prop. <br />erty assuming a satisfactory owner -occupant mortgagor. The <br />maximum amount and term In the heading may be changed depend- <br />Ing upon FHA's rating of the borrower, his Income and credit. <br />(b) NONOCCUPANT MORTGAGORS: —If the mortgagordoes not <br />occupy the house, the law limits the maximum mortgage amount to <br />not to exceed 85% of the maximum amount available to an eligi. <br />ble mortgagor who will occupy the house (85% of value if Sec. <br />203(i) or 221). In the case of nonoccupann mortgagors, the firm <br />commitment when Issued will reduce the mortgage amount and terms <br />below that stated in thz heading. <br />(c)COMMITMENT CHANGES: —The Commissioner may, upon re- <br />quest of Cie approved mortgagee, change the mortgage amount and <br />term set lurch In the heading. If the application is accompanied by <br />a VA CRV, changes w•01 be made only if VA Issues an amendment. <br />2. FIRM COMMITMENT: —A firm commitment to Insure a loan will be <br />Issued upon receipt of an Application for Credit Approval, FH[. Form <br />2900, executed by an approved mortgagee and a borrower satisfactory <br />to the Commissioner. <br />S. COMMIT3fENT TEF\I:—This commiment shall expire SIX MONTHS <br />from the Issue dale In the case of an EXISTING HOUSE or ONE <br />YEAR from its date in the case of PROPOSED CONSTRUCTION. <br />(FHA classifies a" •ascs a,, cQhcr "EXISTING' or PROPOSED" <br />for the purpose of ddermining when a commitment aspires. Accord- <br />ingly, a house, even though still under constmelion, mcy be class - <br />fled as an "Wing house Vit,vas no: approved by FHA or VA prior <br />to the beginning ofconslruction.) <br />4. CANCELLATION: — This commitment may be cancelled after 00 <br />days from the date of lssuance If construction has not started, unless <br />the mortgagee has disbursed loan proceeds. <br />S. PROPERTY STANDARDS: — All construction, repairs, or alterations <br />proposed In the application or on the drawings and specifications <br />returned lscrewltn, shall equal or exceed the FHA Minimum Property <br />Standards. <br />SPECIFIC COMMIMUNT CONDITIONS (Applicable when checked) <br />1. HEALTH AUTHORITY APPROVAL: —Execution of Form 2573 by <br />Q the Health Ai.thority indicating approval of the water supply and/ <br />or sewage disposal installation is required. (Approval by liter <br />or Health Authority Form may be used.) <br />2 TERMITE CONTROL: —(a) EXISTING TiOUSE- Furnishcertificate <br />Q from a recognized termite control operator that Lie house shows <br />no evidence of an active termite Infestation. (b) PROPOSED CON- <br />STRUCTION - Furnish original and two copies of Termite Soil <br />Treatment Guarantee FHA Form 2052. <br />3SUBDIVISION REQUIREMENTS: —Comply with Requirements <br />❑ <br />No. <br />from Report dated for <br />Subdivision. <br />4. BUILDER'S WARRANTY: —The builder shalt execute FHA Form <br />❑ 2544, Builder's Warranty, <br />S. PROPERTY INSPECTIONS: —A notice of construction status <br />shall be given by Form 2289X, letter or telephone at the time bdl- <br />cated below: <br />(a.) ALL PROPOSED CONSTRUCTION CASES: <br />(1.) At least two work days before "beginning of <br />construction.° <br />(2.) L-I When Lie building Is enclosed, structural framing <br />completely exposed and roughing -In of plumbing, <br />beating and electrical work Installed and visible. <br />(3.) When construction completed and property ready <br />\'I for occupancy. <br />(b.) IVT REb11HS: Notify FHA upon complcUon of required <br />"`(M1M1� repairs. <br />(c.) Q CERTIFICATE OF COMIY,ETION: A certific:La <br />stating that the mortgagee has examined the proposed <br />or required repairs and that they have been sa0sfaa <br />torily completed will be accepted. <br />0. VA INSPECTIONS: —Furnish a copy of a clear VA final report. <br />7. ASSURANCE OP CO\/PLETION:—If the required repairs annual <br />[] be completed prior to submission of closing papers, a Form 2300 <br />escrow In the amount of $ (or such additional <br />amount as the lender desires) may be established as the means to <br />assure completion. <br />S. EXPIRATION DATE; —The Total Value stated above Is based <br />Q on Veterans Administration Certificate of Reasonable Value, <br />case number , dated <br />Regardless of General Commitment Condition Number 3, above, <br />Us commitment expires on <br />See special conditions No. <br />below or on <br />a:taehed shceL <br />40, <br />L�.r'L✓ ` �yivJ <br />-i hl;'-'T IS WITHIi4 <br />SECT.235 (1) ivi0 t"iG:;GE LIMIi�' <br />t(J U L <br />JABS S Ji3 <br />EVERL 16 z: <br />I <br />rlt Nit 111 NI11tilf.A11Ll At 4911 All IIIUltill 11 h4' 1. 1 <br />